RESIDENTIAL
Developer Windstar Communities was first after all.
Windstar, the residential arm of San Diego-based Nexus Properties Inc., last month began building Stadium Lofts, a $77 million project that is set to include 390 luxury apartments, 11,000 square feet of shops and a restaurant across from Angel Stadium of Anaheim.
The developer is razing an El Torito, a former Charlie Brown’s restaurant, and a two-story office building. Windstar expects to have the first apartments ready by early 2006.
Back in July, I wrote Windstar could be the first developer to take advantage of sweeping zone changes the city adopted in summer for an area around the baseball park.
Windstar gambled a bit by designing and submitting a project,and paying city fees,before the City Council adopted the changes.
To increase its chances, the developer more than a year ago hired Santa Ana’s J.L. Hare Associates Inc. to serve as a liaison between city and Windstar planners.
“It required a lot more legwork, a lot more time than usual,” said Holly Sandler, a vice president with J.L. Hare, in a statement.
The City Council last month approved Stadium Lofts. Windstar broke ground a couple weeks later.
Zone changes near the stadium are related to a massive overhaul of Anaheim’s general plan. The general plan update was approved in May.
To allow for housing, the city created special zoning called an overlay zone. The existing commercial zoning stays in place, and apartments and other residential projects can be considered on a case-by-case basis.
The general plan update calls for 9,175 condominiums and apartments, 5 million square feet of offices and 2 million square feet of shops in an area dubbed the Platinum Triangle. The area now is home to low-rise office and industrial buildings as well as shops and restaurants.
Platinum Triangle refers to a V-shape swath by the Santa Ana (I-5) Freeway and the Santa Ana River and topped off by railroad tracks. Anaheim officials see the area becoming a big draw for the county with a mix of urban housing, offices and shops.
Houston-based Meeks + Partners Inc. designed the Windstar project. The Irvine office of Boston-based Suffolk Construction Co. is building it.
At least two other developers are planning housing projects in the Platinum Triangle, according to the city. Newport Beach-based Integral Partners LLC plans up to 600 condos on two sites on State College Boulevard. San Francisco-based BRE Properties Inc. plans 210 apartments and 250 condos on Katella Avenue.
Windstar is planning another luxury apartment project in Irvine next to Washington Mutual Inc.’s offices on Von Karman Avenue and Main Street. It plans 750 apartments there.
COMMERCIAL
Voit Development Co., a unit of Woodland Hills-based The Voit Cos., last month paid $10 million for an 86,600-square-foot office building in Tustin and then leased half of it to Seattle-based Safeco Corp.
Safeco signed a $3.6 million lease for 45,965 square feet. The company sells a mix of insurance and investments.
Voit’s building at 14511 Myford Road is set to house Safeco Financial Institution Solutions and other Safeco divisions.
James Camp, senior vice president with Voit Development, said Safeco now has three operations in the county, including Tustin, Santa Ana and Aliso Viejo.
At the Myford building, Safeco is set to work on behalf of banks, making sure homeowners have insurance. Safeco also is set to back up data there.
Safeco is a major tenant at Aliso Viejo’s Vantis, built and managed by Shea Properties, part of Walnut-based J.F. Shea Co. Safeco leases 70% of Shea’s 177,000-square-foot building there.
Jeff Williams and Trent Walker of Voit Commercial Brokerage LP’s Irvine office represented Voit Development in the buy of the building and the Safeco lease. The duo also represented seller The Hamilton Co.
Dennis Richardson and Rick Kaplan of Cushman & Wakefield Inc. represented Safeco in the lease.
Another Subprime Lease
Just when you think mortgage companies have settled down comes word of another big lease.
The latest: Irvine-based subprime lender Encore Credit Corp. leased a 78,733-square-foot office building in Irvine at 1833 Alton Parkway.
The lease was detailed earlier this month by Grubb & Ellis Co.’s Bryon Ward, who represented Encore. Brian Garbutt of Lee & Associates Commercial Real Estate Services Inc. represented landlord Danari Alton LLC of Woodland Hills.
The value of the three-year lease wasn’t disclosed.
Encore, founded in 2001, also occupies 127,718 square feet at 1733 Alton Parkway. Encore signed that lease in late 2003.
The mortgage company now occupies 206,451 square feet in Irvine.
Encore and other subprime lenders make home loans to people with imperfect credit.
